banner
Business

Economist: Recession over, but long recovery ahead

Posted April 29, 2010
Updated May 1, 2010

Map Marker  Find News Near Me

— A North Carolina State University economist on Thursday declared that the recession that has cost thousands of jobs statewide over the past two years is over.

Speaking at a jobs summit sponsored by the North Carolina Chamber, Mike Walden also said the state and nation face a long road to economic recovery.

N.C. State economist Mike Walden 'We've stopped losing economically'

Walden cited steady growth in gross domestic product since last June, more retail sales, several months of increases in factory output and profits and lower numbers of unemployed. Last month, the unemployment rate dropped in every North Carolina county – an unprecedented occurrence – and the state added jobs.

"It means we're no longer in decline, but it does not mean that, all of a sudden, all of the jobs we've lost for the last almost three years are back," he said.

"The road back is going to be fairly long and hard," he said. "To get back the roughly 275,000 jobs lost in North Carolina and the 8 million lost in the nation since the recession (began), it may take three to four years."

Mike Tisdell said he's not impressed by Walden's stance.

"I've been out of work for 13 months," said Tisdell, a former land surveyor. "Things are starting to pick up some, but nothing like it used to be."

N.C. Chamber Chairman Lewis Ebert said the public and private sectors have to work together to keep the economic recovery going.

"We're dealing now with a psychological recovery, and I think it has to do with how businesses deal with the future," Ebert said. "How do we make sure we're working with all the best ideas, where businesses want to invest (and) they want to hire people?"


107 Comments

This story is closed for comments.

Oldest First
View all
  • colliedave May 7, 2010

    Wow! what a great nation that we have the privilege to live and thank God for a President who knows how to run our economy. We live in the greatest time ever. THE ETERNAL

    think you dropped an "i", the word should be "ruin"

  • colliedave May 7, 2010

    >>The Republicans never brought up any legislature to reform Fannie or Freddie Mac. The sub-primes were overwhelming written by private banks then sold as toxic assets to other investors, this peaked by the way in 2006.
    dontrad

    It is amazing how Obama-aide rots the brain. The GOP tried to introduce legislation to look into the operation of Freddie and Fannie, but the dems blocked it and labeled their attempts as racist.

  • dontrad Apr 30, 2010

    Comments about the Republican reform bill from back then:

    Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' Representative Melvin L. Watt, Democrat of North Carolina, agreed. ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said. Source: New York Times

  • dontrad Apr 30, 2010

    >>The Republicans never brought up any legislature to reform Fannie or Freddie Mac. The sub-primes were overwhelming written by private banks then sold as toxic assets to other investors, this peaked by the way in 2006.

  • dwf1205 Apr 30, 2010

    Recession is over, but the depression is just starting. The next bubble to burst is the currency bubble. Nothing good will come out of printing money.

  • THE ETERNAL Apr 29, 2010

    Wow! what a great nation that we have the privilege to live and thank God for a President who knows how to run our economy. We live in the greatest time ever.

  • ger Apr 29, 2010

    i am thankful. we are steadily getting better!

  • Worland Apr 29, 2010

    Billy Joe Bob, down at the Gas 'n' Sip, says the economy isn't in recovery yet. He hasn't sold any fuzzy dice and racy mud flaps in a year. He's also a leading eco-nominist. No really. He likes his greens.

  • wildervb Apr 29, 2010

    "Dems taking over congress in '07 and prior filibuster of rule changes for Fannie and Freddie that GW tried to get through and BO voted against was a major cause of the downturn. Dems fault."

    Only in the fantasy world of the Right wing propaganda machine.

    The Republicans never brought up any legislature to reform Fannie or Freddie Mac. The sub-primes were overwhelming written by private banks then sold as toxic assets to other investors, this peaked by the way in 2006. Republicans are the party of no regulation, the party that believes businesses will police themselves, time and time again they're proven wrong.

    Democrats did get a majority starting in January 2007, but certainly not control with well under 2/3 vote in the Senate and Republican President blocking any meaningful reform. Not that it mattered at that point, the meltdown was the inevitable result of previous years of neglect.

    We're lucky we've avoided an out right depression.

  • rescuefan Apr 29, 2010

    "Rescuefan wrote: So show me where the stimulus stopped the bleeding. Don't point me to opinion piece that said it did. Show me the proof in the pudding.

    Bill Brasky replied with: 2 million jobs. http://www.washingtonpost.com/wp-dyn/content/article/2010/01/12/AR2010011203737.html http://www.employmentspectator.com/2010/04/report-over-2-million-jobs-saved-or-created-by-stimulus-bill/ http://www.politifact.com/truth-o-meter/statements/2010/feb/17/barack-obama/obama-says-stimulus-responsible-millions-jobs-save/

    Looks like he showed you, will you take the time to read it?
    snshine62d"

    You quoted what I was quoting. I totally believe that the economy is in recovery. I see it everywhere I go, from busier stores, more junk mail (who would have thought that was a good thing?) and more people going out to eat, just to start.

More...